Fears of recession settling in are proving unfounded based on the latest economic performance metrics released by Statistics Canada. Real gross domestic product (GDP) edged up 0.1% in June, following an essentially unchanged May.
Both services-producing (+0.2%) and goods-producing (+0.1%) industries were up, as 14 of 20 industrial sectors expanded in June.
Manufacturing in June was up 3.5% compared to June of 2021. Most of that came from durable goods manufacturing, which was up 6.3% year over year.
June’s positive GDP numbers also propelled GDP expansion to 1.0% in the second quarter of 2022, up for a fourth consecutive quarter. Overall, goods-producing industries also rose 1.0% in the second quarter, marking its third consecutive quarterly increase.